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 Post subject: April 27th Wednesday Trade Results - Profit $5125.00
PostPosted: Thu Apr 28, 2016 4:12 am 
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Joined: Sat Jan 10, 2009 2:06 pm
Posts: 4335
Location: Canada
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Trade Results of M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Price Action Trading (no technical indicators)
Phone: +1 708 572-4885
Free Chat Room: http://www.thestrategylab.com/tsl/forum/viewforum.php?f=164
Business Hours: 8am - 5pm est (Mon - Fri)
wrbanalysis@gmail.com (24/7)
http://twitter.com/wrbtrader (24/7)

Attachment:
042716-wrbtrader-Price-Action-Trading-PnL-Blotter-Profit+5125.00.png
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click on the above image to view today's performance verification

Price Action Trade Performance for Today: Emini TF ($TF_F) futures @ $0.00 dollars or +0.00 points, Emini ES ($ES_F) futures @ $5125.00 dollars or +102.50 points, Light Crude Oil CL ($CL_F) futures @ $0.00 dollars or +0.00 points, Gold GC ($GC_F) futures @ $0.00 dollars or +0.00 points and EuroFX 6E ($6E_F) futures @ $0.00 dollars or +0.0000 ticks. Total Profit @ $5125.00 dollars

Russell 2000 Emini TF Futures: 1 tick or 0.10 = $10.00 dollars and there's more contract information @ The ICE
S&P 500 Emini ES Futures: 1 tick or 0.25 = $12.50 dollars and there's more contract information @ CMEGroup
Light Crude Oil CL (WTI) Futures: 1 tick or 0.01 = $10.00 dollars and there's more contract information @ CMEGroup
Gold GC Futures: 1 tick or 0.10 = $10.00 dollars and there's more contract information @ CMEGroup
EuroFX 6E Futures: 1 tick or 0.0001 = $12.50 dollars and there's more contract information @ CMEGroup

Trade Log: All of my trades were posted real-time in the timestamp ##TheStrategyLab free chat room. You can read today's price action trading information about my trades (e.g. time, price entry, contract size, price exit) as the trade traversed to its completion. Also, sometimes I'll post real-time trading tips in ##TheStrategyLab chat room involving WRBs, WRB Hidden GAPs, Key Market Events (KME), Tutorial Chapters 2 & 3, WRB Zones, Reaction Highs/Lows, Contracting Volatility or Expanding Volatility. Its all archived @ http://www.thestrategylab.com/ftchat/forum/viewtopic.php?f=155&t=2346

Quote:
All of my real-time posted trades involves price action concepts from the WRB Analysis free study guide, Advance WRB Analysis Tutorial Chapters 4 - 12 and the Volatility Trading Report (VTR) trade signal strategies. Analysis -----> Trade Signals

Also, posted below are direct links to information about my price action trade methodology and trading plan (there's a difference between the two) that enables me to identify key trading areas in the price action that represent changes in supply/demand and volatility along with being able to exploit these changes via WRB Analysis (wide range body/bar analysis). I'm primarily a day trader because it suits my personal lifestyle but I do occasionally swing trade and position trade. Simply, my trade method is applicable for position trading, swing trading and day trading.

Image ##TheStrategyLab Chat Room is free. Members and I use the chat room to post WRB Analysis commentary, real-time trades and to post anything else related to trading. The chat room helps me tremendously in my own trading because I use it to document (journal) general volatility analysis involving WRB Analysis so that I can easily review at a later date my thoughts as I interacted with the markets...info I can not get from my broker statements. Also, this is not a signal calling chat room where a head trader tells you when to buy or sell and I do not have the time/energy/resources to manage a signal calling chat room. Access instructions for chat room @ http://www.thestrategylab.com/tsl/forum/viewforum.php?f=164

Image Price Action Analysis via Advance WRB Analysis Tutorial Chapters @ http://www.thestrategylab.com/WRBAnalysisTutorials.htm and there's a free study guide of the WRB Analysis Tutorial Chapters 1, 2 and 3 @ http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=119&t=718

Analysis -----> Trade Signals

Image Trade Signal Strategies via Volatility Trading Report (VTR) @ http://www.thestrategylab.com/VolatilityTrading.htm and there's a free trade signal strategy @ http://www.thestrategylab.com/tsl/forum/viewforum.php?f=89 so that you can freely test drive one of our price action trade strategies with support (answering your questions) prior to purchasing the Volatility Trading Report (VTR). All WRB Analysis Tutorial Chapters 1 - 12 are included in the purchase of the Volatility Trading Report (VTR).

Image Daily Trading Plan Routine @ http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=289&t=3100 contains brief information about trading plan, market context, brokers, trading time frames, position size management and other discussions.

-----------------------------

Market Context Summaries

The below summaries by Bloomberg, Briefing, Reuters and Yahoo! Finance helps me to do a quick review of the fundamentals, FED/ECB/BOE/IMF actions or any important global economic events (e.g. Eurozone, MarketWatch.com) that had an impact on today's price action in many trading instruments I monitor during the trading day. Simply, I'm a strong believer that key market events causes key changes in supply/demand and volatility resulting in trade opportunities (swing points and strong continuation price actions) that reach profit targets. Thus, I pay attention to these key market events, intermarket analysis (e.g. Forex EurUsd, EuroFX 6E futures, Gold GC futures, Light Crude Oil (WTI) CL & Brent Oil futures, Eurex DAX futures, Euronext FTSE100 futures, Emini ES futures, Emini TF futures, Treasury ZB futures and U.S. Dollar Index futures) while using WRB Analysis from one trade to the next trade to give me the market context for price action trading before the appearance of my technical analysis trade signals. Therefore, I maintain these archives to allow me to understand what was happening on any given trading day in the past involving key market events to help better understand my trade decisions (day trading, swing trading, position trading)...something I can not get from my broker statements alone. Further, most financial websites remove (delete) their archives after a few years to make room for new content. Therefore, I maintain my own archives of the news content so that I have it available for me when financial websites no longer archives their content.

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click on the above image to view today's price action of key markets


4:10 pm: [BRIEFING.COM] The stock market ended its Wednesday affair on a mixed note as the major indices moved higher following the March policy statement from the Federal Open Market Committee. Other contributing factors to today's trade included below-consensus quarterly results from Apple (AAPL 97.82, -6.53), the underperformance of the technology sector (-0.8%), and a rally in crude oil. The Nasdaq Composite (-0.5%) ended its day behind the S&P 500 (+0.2%) and the Dow Jones Industrial Average (+0.3%).

The stock market opened its day on a lower note as disappointing results and guidance from the likes of Apple (AAPL 97.82, -6.53) and Twitter (TWTR 14.86, -2.89) pressured the heavily-weighted technology sector (-0.8%) and the tech-heavy Nasdaq. However, the major averages were able to lift from their opening levels as investors eyed an uptick in oil and the impending rate decision from the FOMC.

The stock market carved out session lows mid-morning as participants weighed the latest stockpile data from the Department of Energy. The weekly inventory report showed a smaller-than-expected build in crude inventories (1.99 million barrels; est. 2.36 million), but a larger-than-expected build in gasoline stockpiles (1.60 million barrels; est. -0.40 million). WTI crude initially tumbled following the data, but reversed off its low ($43.88/bbl). The energy component ended its day higher by 2.9% at $45.21/bbl.

The latest policy directive from the FOMC struck a dovish tone and in turn helped the averages continue their advance off their lows. The FOMC voted 9-1 to leave its key interest rate unchanged. Furthermore, the committee voiced its concern for slowing economic conditions and diminishing inflation expectations in the near term.

Seven sectors ended above their flat lines as countercyclical telecom services (+1.9%) led energy (+1.7%) and utilities (+1.4%). Conversely, heavily-weighted technology (-0.8%), consumer discretionary (-0.1%) and health care (-0.1%) rounded out the board.

The energy space (+1.7%) demonstrated broad-based strength as pipeline companies, oilfield services names, and independent oil and gas companies gained. Conversely, ConocoPhillips (COP 48.11, +0.03) underperformed the broader market ahead of tomorrow morning's quarterly report. Meanwhile, Baker Hughes (BHI 46.94, +1.14) jumped 2.5% after reporting below-consensus results for the first quarter. In its report, Baker Hughes also estimated that its U.S. rig count would not stabilize until the second half 2016.

Influential technology (-0.8%) ended well off its low as the high-beta chipmakers outperformed. To that point, the PHLX Semiconductor Index ended higher by 1.0%. Meanwhile, Apple (AAPL 97.82, -6.53) finished off its lows as investors weighed a 10.0% increase to the stock's dividend and a $175 billion addition to the company's share buyback program. Separately, Facebook (FB 108.89, +0.13) ended higher by 0.1% ahead of this evening's quarterly earnings report.

In the health care space (-0.1%), Anthem (ANTM 144.76, -2.31) displayed relative weakness after disappointing investors with its 2016 guidance. However, the company did beat top- and bottom-line estimates for the first quarter. Elsewhere, biotechnology underperformed, evidenced by the 1.4% decline in the iShares Nasdaq Biotechnology ETF (IBB 277.49, -3.91).

The U.S. Dollar Index (94.50, -0.07) ended near its flat line as participants look ahead to the latest policy statement from the Bank of Japan. The euro/dollar pairs ended at 1.1313 (+0.2%) while the dollar finished higher by 0.2% against the yen (111.52).

The Treasury complex ended its day near its high with the yield on the 10-yr note falling seven basis point to 1.86%.

Today's participation was above the recent average with more than 971 million shares changing hands on the NYSE floor.

Today's economic data included March Pending Home Sales:

Pending home sales for March climbed 1.4% while the Briefing.com consensus expected an uptick of 0.3%. Meanwhile, the February reading was revised lower to 3.4% from 3.5%.

Tomorrow's economic data will include the advance reading of Q1 GDP (Briefing.com consensus +0.9%) and weekly initial claims (Briefing.com consensus 259k), which will each cross the wires at 8:30 ET.

Dow Jones +3.5% YTD
S&P 500 +2.5% YTD
Russell 2000 +1.6% YTD
Nasdaq -2.9% YTD

3:30 pm: [BRIEFING.COM]

The dollar index exhibited notable volatility this afternoon, currently down -0.7% at the 94.50 level
Commodities, as measured by the Bloomberg Commodity Index, are up +0.6% at 84.31
Crude oil staged an early afternoon rally off its low of the day around $43.79 after the release of EIA petroleum inventory data, closing near its high of the day
June crude oil futures rose $1.27 (+2.9%) to $45.21/barrel
EIA crude oil inventory released today showed a build of +1.999 mln, compared to consensus for a build of +2.4 mln
Gasoline inventories had a build of +1.608 mln
Distillate inventories had a draw of -1.695 mln
API data released yesterday after market close showed a draw of -1.1 mln barrels, compared to estimates for a build of +800,000 barrels
Natural gas reverses off its low, briefly trading above the previous session's close before consolidating lower to end afternoon pit trading
June Natural Gas closed $0.01 lower (-0.5%) at $2.15/MMBtu
EIA natural gas inventory data is scheduled to be released tomorrow at 10:30 am ET
In precious metals, gold experienced a notable selloff in the afternoon, but quickly recovered to close higher on the day
June gold ended today's session up $7.10 (+0.6%) to $1250.50/oz
Silver trended modestly lower in the afternoon, still closing above the previous session's closing price
May silver closed today's session $0.19 higher (+1.1%) at $17.30/oz
Base metal copper drifted lower in afternoon pit trading
May copper closed $0.02 lower (-0.9%) at $2.22/lb

3:00 pm:

[BRIEFING.COM] As the stock market enters its final hour of trade, the Nasdaq Composite (-0.8%) trades behind the S&P 500 (+0.1%) and the Dow Jones Industrial Average (+0.3%).

In front of the pack, countercyclical telecom services (+2.0%) and utilities (+1.5%) lead energy (+1.7%) and industrials (+0.7%).

In the consumer discretionary space (-0.3%), Amazon (AMZN 603.59, -13.29) has fallen 2.2% as it trades lower in sympathy with tech large caps. Meanwhile, Chipotle Mexican Grill (CMG 418.74, -27.18) has shed 6.1% after reporting a 29.7% decline in comparable restaurant sales in the first quarter. The quick-service restaurant chain also stated that it was not prepared to issue earnings guidance for the second quarter at this time.

The U.S. Dollar Index (94.37, -0.21) hovers above a session low as the yen and the euro float higher again. The euro/dollar pairs trades at 1.1322 (+0.2%) while the dollar remains up 0.1% against the yen (111.37).

WTI crude ended its day higher by 2.9% at $45.21/bbl while natural gas finished lower by 0.5% at $2.15/MMbtu.

2:30 pm:

[BRIEFING.COM] The stock market saw a spike to new session highs following the Federal Open Market Committee's decision to leave the fed funds rate unchanged. The Nasdaq (-0.8%) remains behind the S&P 500 (+0.1%) and the Dow Jones (+0.4%).

The latest directive from the FOMC struck a relatively dovish tone as the committee left the fed funds target range unchanged at 0.25%-0.50%. The committee noted that economic activity had slowed in recent weeks, but that labor market conditions continue to improve. Particularly, household spending has moderated despite a rise in household income. Furthermore, the FOMC noted that inflation had ticked higher in recent months, but that it still remains below the 2.0% objective.

The U.S. Dollar (94.46, -0.12) spiked following the statement, but the index remains beneath its flat line. The euro/dollar pair trades higher by 0.2% at 1.1319. Meanwhile, the dollar has gained 0.2% against the yen (111.53).

On the commodities front, WTI crude trades higher by 2.8% ($45.26/bbl) ahead of the end of its pit session at 14:30 ET. Separately, gold sank to $1242.50/ozt in electronic trade before rebounding to $1,247.70/ozt. The precious metal had ended its pit session at $1,250.50/ozt (+0.6%).

1:55 pm:

[BRIEFING.COM] The stock market has floated higher since our last update as the Nasdaq Composite (-0.9%) trades behind the S&P 500 (-0.1%).

Six sectors trade in the green with financials (+0.1%), materials (+0.2%), and industrials (+0.5%) sporting the slimmest gains of the day.

In the health care space (-0.1%), biotechnology underperforms, evidenced by the 1.0% decline in the iShares Nasdaq Biotechnology ETF (IBB 278.53, -2.87). Meanwhile, Anthem (ANTM 143.74, -3.33) has fallen 2.3% as investors focus on disappointing 2016 guidance despite top- and bottom-line beats in the first quarter. Conversely, Boston Scientific (BSX 21.72, +2.03) outperforms after reporting above-consensus results for the first quarter and raising full-year 2016 earnings guidance above analysts' estimates.

On the commodities front, WTI crude trades higher by 1.4% ($44.67/bbl) while gold ended its pit session higher by 0.6% at $1,250.50/ozt.

The Federal Open Market Committee's April policy statement is set to be released momentarily and we will bring highlights from the statement in our next update.

1:35 pm:

[BRIEFING.COM] The major U.S. indices have pulled back in recent trade, and continue to trade mixed with the Nasdaq underperforming following weak IT earnings.

A look inside the Dow Jones Industrial Average shows that Apple (AAPL 97.69, -6.66), Microsoft (MSFT 50.60, -0.84), and Nike (NKE 58.93, -0.61) are underperforming. As covered in length, Apple is today's worst performing Dow component and weighing on the entire tech sector after reporting disappointing Q2 results and offering light Q3 projections. The troubling quarterly report led even some of Apple's biggest supporters to reduce their price targets and estimates on the tech giant. Like many technology names, Microsoft is trading in the red in sympathy following the Apple report, while Nike is down as consumer discretionary names pullback.

Conversely, Boeing (BA 135.51, +3.27) is the best-performing Dow component following a mixed first quarter report in which is missed earnings estimates, but delivered better than expected sales and reaffirmed its full year outlook.

For the week, the DJIA is effectively flat, and up nearly 1.8% in April.

At the bottom of the hour, the FOMC will release its latest policy update and rate decision.

1:10 pm:

[BRIEFING.COM] The stock market trades on a mixed note at midday as investors weigh the latest batch of quarterly earnings ahead of this afternoon's rate decision from the Federal Open Market Committee (FOMC). Other story lines in today's action have included below-consensus results from Apple (AAPL 97.65, -6.70), vacillating oil prices, and the underperformance of the heavily-weighted technology (-1.3%) sector. Currently, the tech-heavy Nasdaq (-0.9%) trades behind the S&P 500 (-0.1%) and the Dow Jones Industrial Average (+0.1%).

Equity indices began their day on a lower note as below-consensus earnings results from the technology sector (-1.3%) pressured the broader market. Early losses were restrained as equities received support from an uptick in oil. However, the broader market extended its losses following the Department of Energy's latest stockpile data.

The Energy Information Administration's latest inventory report showed that crude oil inventories rose by 1.99 million barrels (consensus: 2.36 million barrels). Meanwhile, gasoline inventories showed a build of 1.60 million barrels (consensus: -0.40 million barrels). As a result, WTI crude continued its descent from the $45.00/bbl level before ticking off its session low ($43.88/bbl).

The energy component has continued to climb off its low as it trades higher by 1.8% at $44.86/bbl. Six sectors trade in the green with commodity-sensitive energy (+1.2%) leading countercyclical telecom services (+1.2%) and utilities (+1.0%). Conversely, heavily-weighted technology (-1.3%) trails financials (-0.2%) and consumer discretionary (-0.2%).

In the energy sector (+1.2%), independent oil and gas names demonstrate relative strength as Anadarko Petroleum (APC 54.57, +2.21) jumps 4.2%. Elsewhere, Baker Hughes (BHI 46.43, +0.63) has gained 1.4% after reporting below-consensus results for the first quarter. The company estimated that its U.S. rig count would not stabilize until the second half of this year. Conversely, oil refiners underperform as investors look to larger-than-expected build in gasoline inventories.

The industrial sector (+0.5%) has recovered from a modest loss as aerospace and defense names outperform. In the sub-group, General Dynamics (GD 143.07, +4.36) has climbed 2.9% after reporting above-consensus bottom-line result for the first quarter. General Dynamics also reported that its backlog for the first-quarter totaled $64.7 billion. Separately, Boeing (BA 136.41, +3.17) has gained 2.4% as investors weigh a top-line beat against an earnings miss. Boeing also reaffirmed its full-year 2016 guidance for EPS of $8.15-8.35.

Heavily-weighted constituents underperform in the influential technology space (-1.3%) as they trade lower in sympathy with Apple (AAPL 97.65, -6.70). On that note, Microsoft (MSFT 50.76, -0.68) and Alphabet (GOOG 698.91, -9.22) have declined 1.3% apiece. Additionally, Facebook (FB 107.15, -1.60) has declined 1.5% ahead of this evening's quarterly earnings report.

In the economically-sensitive financial sector (-0.2%), rate-sensitive real estate investment trust underperforms ahead of the 14:00 ET release of the Fed's latest policy statement. Meanwhile, Franklin Resources (BEN 39.11, -1.05) has fallen 2.6% after missing top- and bottom-line estimates for the first quarter.

The future path of the fed funds rate remains in focus while the fed funds futures market remains convinced that the Fed will not raise rates today. However, participants will watch for commentary from the FOMC as the focus shifts to a possible rate increase at the June meeting. Market expectations for future rate hikes remain low with the first above 50.0% chance of a rate increase being projected for November.

The U.S. Dollar Index (94.42, -0.15) trades lower as investors wait for the latest policy from the FOMC. The euro/dollar pair trades higher by 0.2% at 1.1322. Separately, the dollar trades flat against the yen at 111.34.

The Treasury complex trades at a session high as the yield on the 10-yr note falls four basis points to 1.89%.

Today's economic data was limited to March Pending Home Sales:

Pending home sales for March climbed 1.4% while the Briefing.com consensus expected an uptick of 0.3%. Meanwhile, the February reading was revised lower to 3.4% from 3.5%.

The FOMC will release its April Rate Decision (Briefing.com consensus 0.5%) at 14:00 ET.

12:25 pm:

[BRIEFING.COM] The stock market has continued inching higher, but the S&P 500 (-0.2%) remains behind the Dow Jones Industrial Average (+0.1%).

Four sectors trade beneath their flat lines with technology (-1.3%) trailing consumer discretionary (-0.3%), financials (-0.3%), and health care (-0.1%).

In the economically-sensitive financial sector (-0.3%), Capital One (COF 73.67, -2.29) displays relative weakness after missing bottom-line estimates for the first quarter. The company reported that revenue grew 10.1% year-over-year. Elsewhere in the space, rate-sensitive real estate investment trusts underperform ahead of the release of the Fed's latest policy statement at 14:00 ET. On a related note, Public Storage (PSA 248.17, -8.64) trades lower by 3.4% after reporting above-consensus quarterly results for the first quarter. The company also raised its quarterly dividend by 5.9% to $1.80 from $1.70.

The Treasury complex is inching back towards its high as the yield on the 10-yr note slips four basis points to 1.89%.

11:55 am:

[BRIEFING.COM] The major averages have continued to float higher in recent trade as the Nasdaq Composite (-0.8%) trades behind the S&P 500 (-0.1%). Meanwhile, the Dow Jones Industrial Average (+0.1%) has crossed above its flat line.

In front of the pack, countercyclical utilities (+1.2%) lead telecom services (+1.1%) and energy (+1.1%). Conversely, technology has trimmed its loss to 1.1%.

The industrial space (+0.4%) has extended its recent gain as General Dynamics (GD 143.07, +4.36) outperforms after reporting a bottom-line beat on in-line revenue. The defense name has gained 3.2% after reporting that its backlog for the first-quarter totaled $64.7 billion. Meanwhile, Delta Air Lines (DAL 44.08, +0.49) displays relative strength as it rebounds from recent weakness. The stock has declined 8.2% since reporting earnings on April 14. This compares to a gain of 1.8% in the broader Industrial Sector SPDR ETF (XLI 56.85, +0.21) over that period.

On the commodities front, WTI crude trades higher by 0.5% at $44.25/bbl while gold has gained 0.6% to trade at $1,250.50/ozt.

11:30 am:

[BRIEFING.COM] The stock market has inched off its low as the S&P 500 (-0.3%) trades behind the Dow Jones Industrial Average (-0.2%).

Four sectors trade in the red with technology (-1.3%) trailing consumer discretionary (-0.4%), financials (-0.4%), and health care (-0.3%).

In the heavyweight technology space (-1.3%), large cap components underperform as they trade lower in sympathy with Dow component Apple (AAPL 98.31, -6.04). The tech giant missed top- and bottom-line estimates for the quarter, showing its first revenue decline in 13 years. Microsoft (MSFT 51.00, -0.44), Facebook (FB 107.58, -1.18), and Alphabet (GOOG 701.37, -6.77) have declined between 0.9% and 1.3%. Elsewhere in the space, Twitter (TWTR 15.08, -2.67) has surrendered 15.1% after reporting a mixed quarter and lowering its earnings guidance for the second quarter.

The U.S. Dollar Index (94.45, -0.13) recently moved off its high as the greenback struggles to regain momentum. The euro/dollar pair trades higher by 0.1% at 1.1311 while the dollar/yen pair trades flat at 111.28. The dollar has gained 0.3% against the commodity-sensitive Canadian dollar (1.2640).

11:00 am:

[BRIEFING.COM] The major averages have ticked off fresh session lows as the Nasdaq Composite (-1.1%) trades behind the S&P 500 (-0.4%) and the Dow Jones Industrial Average (-0.3%).

Four sectors trade in the green as countercyclical consumer staples (+0.4%) and telecom services (+0.5%) trail energy (+0.7%) and utilities (+0.9%)

The move lower followed the release of the latest weekly stockpile data from the Energy Information Administration. The report showed that crude oil inventories rose by 1.99 million barrels, compared to the 2.36 million barrel consensus. Currently, WTI crude trades lower by 0.4% at $43.89/bbl.

In the energy space (+0.7%), independent oil and gas names have slid from their highs as ConcoPhillips (COP 48.11, +0.03) trimmed a 1.7% gain to trade flat. Meanwhile, oil and gas refiners underperform after stockpile data from the Department of Energy also showed that gasoline inventories rose by 1.60 million barrels. This compares to the estimated 0.40 million barrel reduction and last week's 0.11 million draw. On that note, Valero Energy (VLO 61.35, -0.46) and Marathon Petroleum (MPC 41.00, -0.46) trade lower by a respective 0.7% and 1.1%.

10:30 am: [BRIEFING.COM]

The dollar index exhibits notable volatility, down -0.2% at 94.36
Commodities, as measured by the Bloomberg Commodity Index, are down -0.5% at 83.42
Crude oil plummets after the release of EIA inventory data, exhibiting notable volatility to the downside in morning pit trading
Crude oil inventories showed a build of +1.999 mln, compared to consensus for a build of +2.4 mln
Gasoline inventories had a build of +1.608 mln
Distillate inventories had a draw of -1.695 mln
U.S. crude oil refinery inputs avgd over 15.8 mln barrels per day during the week ending April 22, 2016, 257,000 barrels per day less than the previous week's avg
June crude oil futures are currently down $0.12 (-0.3%) $43.92/barrel
Natural gas drifts lower, trading near the lows of the day
May natural gas futures are down $0.02 (-1.0%) at $2.14/MMBtu
EIA natural gas inventory data is scheduled to be released tomorrow at 10:30 am ET
In precious metals, gold saw an initial rally to the $1251.20/oz level before reversing and trending lower, giving up most of its early gains
June gold futures are currently up $13.90 (+0.3%) at $1247.30/oz
Silver drops, trading near parity with the previous session's close
May silver futures are currently down $0.01 (-0.06%) at $17.11/oz
Base metal copper drifts notably lower in morning pit trading
May copper futures are down $0.04 (-1.9%) at $2.20/lb

10:00 am:

[BRIEFING.COM] The major U.S. indices have ticked lower with the Dow Jones Industrial Average (-0.1%) trading in-line with the S&P 500 (-0.1%).

The heavily-weighted technology (-1.3%) space has extended its loss as it trails health care (-0.2%), consumer discretionary (-0.1%), and financials (-0.1%).

In the telecom services space (+0.4%), AT&T (T 37.96, -0.12) underperforms after beating bottom-line estimates for the quarter, but noting that it will see pressure in the last half of the year.

Just reported, pending home sales for March climbed 1.4% while the Briefing.com consensus expected an uptick of 0.3%. Meanwhile, the February reading was revised to 3.4% from 3.5%.

9:45 am:

[BRIEFING.COM] As expected, the stock market opened on a lower note as the Nasdaq Composite (-0.5%) trades behind the Dow Jones Industrial Average (-0.1%) and the S&P 500 (UNCH).

Six sectors trade in the green with energy (+1.1%), consumer staples (+0.5%), and utilities (+0.5%) leading the way. The remaining gainers show upticks between 0.1% (financials) and 0.4% (materials). On the flipside, technology (-1.1%), health care (-0.2%) and telecom services (-0.1%) sport the largest losses.

In the technology space (-1.1%), Apple (AAPL 97.13, -7.22) has ticked off its opening low, but continues to weigh down the larger sector. Conversely, Twitter (TWTR 14.91, -2.84) has extended its opening decline.

Aluminum name Alcoa (AA 10.93, +0.27) demonstrates relative strength in the materials space (+0.4%).

On the commodities front, WTI crude trades higher by 2.0% at $44.92/bbl while gold floats higher by 0.3% ($1,247.50/ozt).

9:18 am: [BRIEFING.COM] S&P futures vs fair value: -3.20. Nasdaq futures vs fair value: -38.60.

The stock market is on track for a lower open as the S&P 500 futures trade three points below fair value. Meanwhile, Nasdaq futures continue to show a larger loss as Apple (APPL 96.05, -8.30) and Twitter (TWTR 15.17, -2.58) weigh.

Lackluster earnings results pressured futures overnight as investors turn their attention to central bank meetings at the Fed and the Bank of Japan. The Federal Open Market Committee (FOMC) is scheduled to release its latest policy statement at 14:00 ET. The fed funds futures market is convinced that the Fed will not raise rates today, but participants will be watching for commentary from the FOMC as focus shifts to a possible rate increase at the June meeting. Market expectations for future rate hikes remain low with the first above 50.0% chance of a rate increase being projected for November. Separately, the Bank of Japan is expected to release its latest policy statement at 23:40 ET.

In company specific news, Anthem (ANTM 147.50, +0.43) trades higher by 0.3% after reporting above-consensus results for the first quarter. Medical enrollment for the health care provider increased 2.8% from this period last year as members totaled 39.6 million on March 31, 2016. Separately, defense name Northrop Grumman (NOC 205.01, +1.44) has gained 0.7% after raising its full-year 2016 earnings guidance to $10.40-10.70 per share from $9.90-10.20.

On the commodities front, WTI crude trades higher by 2.1% at $44.95/bbl ahead of the 10:30 ET release of stockpile data from the Department of Energy.

8:56 am: [BRIEFING.COM] S&P futures vs fair value: -3.20. Nasdaq futures vs fair value: -39.60.

The S&P 500 futures trade three points below fair value.

Equity indices in the Asia-Pacific region ended the midweek session on a mostly lower note. That being said, the trading day was fairly quiet with most indices registering gains or losses under 1.0% as the market gears up for the latest policy announcement from the Federal Reserve. Elsewhere, Australia's inflation data missed across the board with CPI contracting 0.2% quarter-over-quarter (expected +0.3%). The news pressured the Australian dollar, sending the currency from 0.7750 to 0.7600 against the greenback.

In economic data:
Australia's Q1 CPI -0.2% quarter-over-quarter (expected 0.3%; last 0.4%); +1.3% year-over-year (consensus 1.8%; last 1.7%) Q1 Trimmed Mean CPI +0.2% quarter-over-quarter (expected 0.5%; last 0.6%); +1.7% year-over-year (consensus 2.0%; last 2.1%). Q1 Weighted Mean CPI +0.1% quarter-over-quarter (expected 0.5%; last 0.5%); +1.4% year-over-year (consensus 1.8%; last 1.9%)
New Zealand's March Trade deficit widened to NZD3.38 billion from NZD3.32 billion (expected deficit of NZD3.56 billion)
South Korea's April Consumer Confidence ticked up to 101 from 100

---Equity Markets---

Japan's Nikkei lost 0.4% with seven sectors ending in the red. Industrials (-1.1%), utilities (-1.1%), and technology (-0.9%) saw the widest losses while energy (+0.5%) and materials (+0.5%) outperform. Canon, Fanuc, Mitsubishi Motors, Advantest, Komatsu, Isuzu, and Toyota Motor lost between 1.8% and 5.3%. On the flip side, Shin-Etsu Chemical, Suzuki Motor, Fast Retailing, and Konami gained between 1.4% and 3.9%.
Hong Kong's Hang Seng shed 0.2%. Want Want China was the weakest performer, diving 3.6%, while gaming names like Galaxy Entertainment Group, Sands China, and Tencent Holdings posted losses between 1.4% and 2.1%. Energy-related names showed relative strength with Petrochina, Kunlun Energy, and CNOOC climbing between 0.2% and 3.4%.
China's Shanghai Composite lost 0.4% with China Minsheng Banking, Inner Mongolia BaoTou Steel, and CITIC Securities surrendering between 0.7% and 1.9%.

Major European indices trade in the neighborhood of their flat lines as investors tread cautiously ahead of the latest policy statement from the Federal Reserve, which will be released at 14:00 ET. It is worth noting that Spain's King Felipe VI announced that coalition talks between the country's largest parties have failed and the country will head for a June election. Separately, Greek Prime Minister Alexis Tsipras has requested a special EU summit in order to ensure the receipt of a bailout payment in the summer. This comes amid reports that a Eurogroup meeting originally planned for Thursday has been cancelled.

In economic data:
Eurozone Private Sector Loans +1.6% year-over-year (consensus 1.7%; last 1.6%) and March M3 Money Supply +5.0% year-over-year, as expected (previous 4.9%)
Germany's May GfK Consumer Climate 9.7 (expected 9.4; previous 9.4). March Import Price Index +0.7% month-over-month (consensus 0.3%; last -0.6%); -5.9% year-over-year (expected -6.3%; last -5.7%)
UK's April CBI Distributive Trades Survey fell to -13 from 7 (expected 12)
France's April Consumer Confidence held at 94 (expected 95)
Swiss March Consumption Indicator ticked up to 1.51 from 1.45
Spain's March Retail Sales +4.4% year-over-year (consensus 3.3%; last 4.1%)
Italy's April Business Confidence 102.7 (expected 102.6; last 102.2) and Consumer Confidence 114.2 (expected 115.0; last 114.9)

---Equity Markets---

UK's FTSE is higher by 0.1% amid weakness in financials and consumer names. Standard Chartered, Prudential, Lloyds Banking, HSBC, RBS, and Old Mutual are down between 1.4% and 3.4% while Imperial Brands, Sainsbury, Morrison Supermarkets, and Unilever show losses between 0.8% and 1.2%.
France's CAC has climbed 0.4% with Cap Gemini and Valeo leading the advance. The two names are both up near 4.2% while financials lag. BNP Paribas, Credit Agricole, and Societe Generale are down between 0.1% and 1.2%.
Germany's DAX trades up 0.5% with help from Adidas. The apparel name has jumped 8.0% in reaction to an improved forecast. Volkswagen also outperforms, trading higher by 2.7%, while Daimler is down 0.6% and BMW trades up 0.7%. Financials are mixed with Commerzbank down 0.7% and Deutsche Bank up 0.7%.

8:30 am: [BRIEFING.COM] S&P futures vs fair value: -2.20. Nasdaq futures vs fair value: -39.50.

Equity futures continue to float above overnight lows with the S&P 500 futures trading two points below fair value.

On the earnings front, Baker Hughes (BHI 44.50, -1.30) trades lower by 2.8% as investors weigh below-consensus results for the first quarter and further declines to the company's U.S. rig count. Baker Hughes estimated that the second quarter North American rig count will fall 30.0% compared to the first quarter average. The company does not expect a meaningful increase in activity in 2016, but expects the U.S. rig count to stabilize in the second half of this year. Separately, United Technologies (UTX 105.50, +0.70) has gained 0.7% after reporting top- and bottom-line beats in the first quarter. The company also reaffirmed its guidance for full-year earnings between $6.30-6.60 per share.

The U.S. Dollar Index (94.39, -0.18) has slipped from its recent level as the greenback loses ground to the euro and the yen. The euro/dollar pair trades higher by 0.2% at 1.1313. Meanwhile, the dollar has lost 0.1% against the yen (111.22).

WTI crude has extended its gain in recent action as the energy component trades higher by 2.1% at $44.98/bbl. Meanwhile, gold has also climbed since our last update as the precious metal trades at $1,249.80/ozt (+0.5%).

8:00 am: [BRIEFING.COM] S&P futures vs fair value: -2.50. Nasdaq futures vs fair value: -41.40.

U.S. equity futures trade lower with the S&P 500 futures floating three points below fair value while Nasdaq futures underperform. The tech-heavy futures slipped after Apple (AAPL 95.85, -8.50) disappointed investors with below-consensus Q2 results. Meanwhile, global bourses have assumed a wait-and-see stance ahead of the release of the latest policy statement from the Fed. The FOMC Rate Decision will be released at 14:00 ET. For its part, WTI crude has gained 1.9% ($44.91/bbl) after the American Petroleum Institute's weekly stockpile data showed a draw of 1.07 million barrels, compared to the expected 0.80 million barrel build. Investors look forward to the Department of Energy's weekly inventory report, which will be released at 10:30 ET. The report is expected to show that crude stockpiles rose by 2.36 million barrels, compared to last week's build of 2.08 million barrels.

The Treasury complex trades higher with the yield on the 10-yr note slipping three basis points to 1.91%.

On the economic front, the weekly MBA Mortgage Index showed a seasonally adjusted decrease of 4.1%. Meanwhile, Pending Home Sales (Briefing.com consensus +0.3%) and the latest FOMC Rate Decision (Briefing.com consensus 0.5%) will be released at 10:00 ET and 14:00 ET, respectively.

In U.S. corporate news of note:

Apple (AAPL 95.85, -8.50): -8.2% after missing top-and-bottom-line results in Q2 and issuing below-consensus guidance for the Q3
Twitter (TWTR 15.25, -2.50): -14.1% following a bottom-line beat on light revenue and lowering its Q2 earnings estimates below-consensus
Comcast (CMCSA 62.50, +1.45): +2.4% after beating bottom-line results in Q2 and reports indicating the company is in discussions to acquire Dreamworks Animation (DWA 31.98, +4.86)
Chipotle Mexican Grill (CMG 421.85, -24.07): -5.4% following a bottom-line beat on light revenue and not offering Q2 EPS guidance at this time
Buffalo Wild Wings (BWLD 127.00, -17.62): -12.2% after reporting below-consensus results for Q1 and guiding FY16 earning below-consensus
Boeing (BA 132.00, -1.24): -0.9% following the company missing bottom-line estimates and beating on its top-line in Q1

Reviewing overnight developments:

Asia-Pacific indices ended lower with Japan's Nikkei -0.4%, China's Shanghai Composite -0.4%, and Hong Kong's Hang Seng -0.2%.
In economic data:
Australia's Q1 CPI -0.2% quarter-over-quarter (expected 0.3%; last 0.4%); +1.3% year-over-year (consensus 1.8%; last 1.7%) Q1 Trimmed Mean CPI +0.2% quarter-over-quarter (expected 0.5%; last 0.6%); +1.7% year-over-year (consensus 2.0%; last 2.1%). Q1 Weighted Mean CPI +0.1% quarter-over-quarter (expected 0.5%; last 0.5%); +1.4% year-over-year (consensus 1.8%; last 1.9%)
New Zealand's March Trade deficit widened to NZD3.38 billion from NZD3.32 billion (expected deficit of NZD3.56 billion)
South Korea's April Consumer Confidence ticked up to 101 from 100
In news:
Investors gear up for the latest policy announcement from the Federal Reserve.
Australia's inflation data missed across the board with CPI contracting 0.2% quarter-over-quarter (expected +0.3%).
The news pressured the Australian dollar, sending the currency from 0.7750 to 0.7600 against the greenback.

European indices trade modestly higher with Germany's DAX +0.5%, France's CAC +0.4%, and the U.K.'s FTSE +0.2%.
In economic data:
Eurozone Private Sector Loans +1.6% year-over-year (consensus 1.7%; last 1.6%) and March M3 Money Supply +5.0% year-over-year, as expected (previous 4.9%)
Germany's May GfK Consumer Climate 9.7 (expected 9.4; previous 9.4). March Import Price Index +0.7% month-over-month (consensus 0.3%; last -0.6%); -5.9% year-over-year (expected -6.3%; last -5.7%)
UK's April CBI Distributive Trades Survey fell to -13 from 7 (expected 12)
France's April Consumer Confidence held at 94 (expected 95)
Swiss March Consumption Indicator ticked up to 1.51 from 1.45
Spain's March Retail Sales +4.4% year-over-year (consensus 3.3%; last 4.1%)
Italy's April Business Confidence 102.7 (expected 102.6; last 102.2) and Consumer Confidence 114.2 (expected 115.0; last 114.9)
In news:
Spain's King Felipe VI announced that coalition talks between the country's largest parties have failed and the country will head for a June election.
Greek Prime Minister Alexis Tsipras has requested a special EU summit in order to ensure the receipt of a bailout payment in the summer.
This follows reports that a Eurogroup meeting originally planned for Thursday has been cancelled.

5:58 am: [BRIEFING.COM] S&P futures vs fair value: -2.80. Nasdaq futures vs fair value: -41.60.

5:58 am: [BRIEFING.COM] Nikkei...17290.5...-62.80...-0.40%. Hang Seng...21361.6...-45.70...-0.20%.

5:58 am: [BRIEFING.COM] FTSE...6278.03...-6.50...-0.10%. DAX...10283.43...+23.80...+0.20%.

Special thanks to Bloomberg, Briefing, Reuters and Yahoo! Finance for their market summaries. gm

Best Regards,
M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Image@ http://twitter.com/wrbtrader Image@ http://stocktwits.com/wrbtrader

http://www.thestrategylab.com
Phone: +1 708 572-4885
Business Hours: 8am - 5pm est (Mon - Fri)
Skype Messenger: kebec2002
wrbanalysis@gmail.com


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